US drops tariffs on Indian goods after India makes concessions
Business
Big news on the trade front—President Trump just announced that US tariffs on Indian goods are dropping from 25% to 18%, following a chat with PM Modi.
The US is also removing extra penalties tied to Russian oil imports after India agreed to stop buying that oil.
What does India get out of this deal?
India's giving back by agreeing to reduce tariffs on US goods to zero and pledging over $500 billion in American purchases, covering energy, tech, and more.
This deal could boost Indian exports—especially textiles and jewelry—and make "Made in India" products more competitive than those from China or Vietnam.
It's also expected to help India's economy grow faster, strengthen the rupee, and give a leg up to both countries' industries.